South Korea's 'New Start Fund' Adds Crypto Assets to Debt Relief Review

CoinFeed June 26 news, according to Yonhap News Agency, the South Korean government is improving the debt adjustment program 'New Start Fund' for small business owners and self-employed individuals, incorporating virtual assets into the review process. Under the revised system, the debt relief rate will be adjusted based on the applicant's repayment ability, and the assessment of repayment ability now considers their crypto asset holdings. Previously, the fund mainly verified debtors' income and assets through financial statements submitted by applicants and data available from public administrative information networks, which made it difficult to identify such investment assets. To address this issue, since January this year, after consultation with the five major Korean won market crypto exchanges, the fund has been using virtual asset balance certificates in property assessments. Applicants confirmed as members of the aforementioned exchanges are now required to directly submit these certificates.